Accounting 

Amendments to IFRS 17 endorsed for use in the EU

On 8 September 2022, the amendments to IFRS 17 Insurance Contracts titled Initial Application of IFRS 17 and IFRS 9 — Comparative Information were endorsed by the European Commission for use in the European Union.

Amendments to IFRS 17 were issued in December 2021 to enable companies to improve the usefulness of the comparative information presented on initial application of IFRS 17 and IFRS 9.

For entities that apply IFRS 17 and IFRS 9 at the same time, the amendment relates to financial assets for which comparative information presented on initial application of IFRS 17 and IFRS 9 has not been restated for IFRS 9 (including financial assets that have been derecognised in the comparative period).

For entities that have applied IFRS 9 before applying IFRS 17, the classification overlay applies to financial assets that have been derecognised in the comparative period and permits an entity to apply the redesignation requirements of IFRS 17 based on how the entity expects the asset would have been designated at initial application of IFRS 17.

The amendments endorsed by the EU can only be applied on initial application of IFRS 17 and IFRS 9.

We brought more information about these amendments to IFRS 17 in our article IASB issued a narrow-scope amendment to IFRS 17.

Source: www.iasplus.com
IFRS 17 IFRS 9 IFRS dReport newsletter

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